MIRA
INFORM REPORT
|
Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
HPCL-MITTAL ENERGY LIMITED |
|
|
|
|
Formerly Known
As : |
GURU GOBIND SINGH REFINERIES LIMITED |
|
|
|
|
Registered
Office : |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.12.2000 |
|
|
|
|
Com. Reg. No.: |
16-024126 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 65932.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23201PB2000PLC024126 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AMRH11073G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG5231F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Refining of Crude Oil and Exploration and Production of Crude Oil. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between HINDUSTAN PETROLEUM CORPORATION
LIMITED (HPCL), INDIA and MITTAL ENERGY INVESTMENT PTE. LIMITED, SINGAPORE. It
is an established company having satisfactory track record. The company has incurred huge accumulated losses over past two years. However, the ratings takes into consideration long and established
track record of HPCL in the domestic refining business and good financial as
well as managerial support that company receives from joint venture partners. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong support from joint venture partners, the company can
be considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term bond programme: “AA-” |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
July, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper Programme: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
July, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Herleen |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-120-4634500 |
|
Date : |
13.08.2014 |
LOCATIONS
|
Registered Office : |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, |
|
Tel. No.: |
91-1655-242076/241755 |
|
Fax No.: |
91-1655-241775 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-120-4634500 |
|
Fax No.: |
91-120-4271940 |
|
E-Mail : |
info@hmel.in |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Subhir Roy Choudhury |
|
Designation : |
Director |
|
Address : |
B-25, Mayfair Gardens, Little Gibbs Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1954 |
|
Qualification : |
B.Tech |
|
Date of Appointment : |
01.02.2008 |
|
DIN No. : |
00130803 |
|
|
|
|
Name : |
Mr. Sudhir Maheshwari |
|
Designation : |
Director |
|
Address : |
85, Platts Lane, Hampstead, London, United Kingdom, NW37NL |
|
Date of Birth/Age : |
02.11.1963 |
|
Qualification : |
CA, CS |
|
Date of Appointment : |
25.07.2007 |
|
DIN No. : |
02376365 |
|
|
|
|
Name : |
Mr. Arun Balakrishnan |
|
Designation : |
Director |
|
Address : |
Flat No. TNC 122, Trinity Towers, DLF Phase 5, Gurgaon – 122009, Haryana, India |
|
Date of Birth/Age : |
25.07.1950 |
|
Date of Appointment : |
01.08.2010 |
|
DIN No. : |
00130241 |
|
|
|
|
Name : |
Mr. Baldeo Prasad Banka |
|
Designation : |
Director |
|
Address : |
Graha Family, D-60, Surabaya, Indonesia - 60226 |
|
Date of Birth/Age : |
02.06.1948 |
|
Qualification : |
LL.B., PG |
|
Date of Appointment : |
25.07.2007 |
|
DIN No. : |
02378335 |
|
|
|
|
Name : |
Mr. Rajan Tandon |
|
Designation : |
Additional Director |
|
Address : |
19, Preston Road, Wembley, Middlesex, London, United Kingdom, HA98JZ |
|
Date of Birth/Age : |
24.09.1963 |
|
Qualification : |
CA |
|
Date of Appointment : |
03.07.2009 |
|
DIN No. : |
01968916 |
|
|
|
|
Name : |
Kommalapati Venkateshwara Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 504, Daiseley Mount, Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1955 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No. : |
05340626 |
|
|
|
|
Name : |
Mr. Balraj Kishor Namdeo |
|
Designation : |
Director |
|
Address : |
F-31/3/1, Panchkamal Society, Sector 29, Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1956 |
|
Date of Appointment : |
01.07.2013 |
|
DIN No. : |
06620620 |
|
|
|
|
Name : |
Prabh Das |
|
Designation : |
Managing Director |
|
Address : |
Flat No. E-801, Pearl Gateway Tower, Sector-44, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
30.10.1957 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No. : |
ADBPD7624H |
|
DIN No. : |
00164799 |
KEY EXECUTIVES
|
Name : |
Mr. Sidhartha Tyagi |
|
Designation : |
Secretary |
|
Address : |
A-85, Chander Nagar, |
|
Date of Birth/Age : |
19.10.1974 |
|
Date of Appointment : |
29.11.2001 |
|
PAN No. : |
ACKPT8760E |
|
Voter ID No. : |
UP/81/400/0507508 |
|
|
|
|
Name : |
Ms. Herleen |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Ajit Kumar Maiti |
|
Designation : |
Chief Manager |
|
|
|
|
Name : |
Chinmoy Chattopadhyay |
|
Designation : |
VP Procurement |
|
|
|
|
Name : |
Darrel Wayne Odland |
|
Designation : |
Manager |
|
|
|
|
Name : |
Mr. Girish Chandra Ghildiyal |
|
Designation : |
Chief Manager |
|
|
|
|
Name : |
Mr. Harendra Kumar Rajora |
|
Designation : |
VP Marketing |
|
|
|
|
Name : |
Mr. Krishan Tuteja |
|
Designation : |
VP Operations |
|
|
|
|
Name : |
Moiz Alimohammed Tankiwala |
|
Designation : |
Chief Operations Officer |
|
|
|
|
Name : |
Mr. Pankaj Srivastava |
|
Designation : |
General Manager |
|
|
|
|
Name : |
V. Anantharaman |
|
Designation : |
VP Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
Hindustan Petroleum Corporation Limited, India |
3690735130 |
|
Mittal Energy investments Pte Limited, Singapore |
3690735200 |
|
IFCI Limited, India |
77189796 |
|
State Bank of India, India |
52547840 |
|
HDFC Standard Life Insurance Company Limited, India |
27649103 |
|
HDFC SL Shareholders Solvency Margin Account |
2600346 |
|
Subir Roy Choudhury |
10 |
|
Bhaswar Mukherjee |
10 |
|
Ajit Singh |
10 |
|
Kotagiri Murali |
10 |
|
MS Damle |
10 |
|
Shrikant M. Bhosekar |
5 |
|
V. Murali |
5 |
|
Santanu Bhattacharjee |
10 |
|
Total |
7541457485 |
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government companies |
48.94 |
|
Public financial companies |
1.02 |
|
Nationalised or other banks |
0.70 |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
48.94 |
|
Bodies corporate |
0.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Refining of Crude Oil and Exploration and Production of
Crude Oil. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Union Bank of India, Industrial Fin. Branch, Union Bank of India Building, 5th Floor, 66/80, Mumbai Samachar Marg, Mumbai - 400023, Maharashtra, India Bank of India, Mumbai Large Corporate Branch, Bank of
India Building, 4th Floor, 70-80, Mahatma Gandhi Road, Fort, Mumbai - 400021,
Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
NOTE LONG TERM
BORROWINGS Secured redeemable Non Convertible Debentures (NCDs) were issued at par on 3 September 2012. These are secured by a first pari passu charge on fixed asset to the extent of 1.25 times of the issue size. Indian rupee loan from banks of INR 43610.000 millions (previous year INR 53247.000 millions), is secured by a first charge, ranking pari-passu amongst the lenders, over all immovable and movable properties and assets of the Company, both present and future, save and except current assets on which these lenders have a second charge. However, the lenders have a first pari passu charge on deposits and accounts under the Trust and Retention Account. Indian rupee loan from banks of INR 8500.000 millions (previous year INR 8500.000 millions) is secured by a third charge ranking pari - passu over all movable and immovable properties of the Company, both present and future. The said loans are backed by a letter of comfort from both Hindustan Petroleum Corporation Limited and Mittal Energy Investments Pte. Limited, the joint venture partners in the Company. Foreign currency loan from banks equivalent to INR 31862.000 millions (previous year INR 27128.000 millions) are secured by a mortgage through a first charge, ranking pari-passu amongst the lenders, over all immovable and movable properties and assets of the Company, both present and future, save and except current assets on which these lenders have a second charge. However, the lenders have a first pari passu charge on deposits and accounts under the Trust and Retention Account.Foreign currency loan from banks equivalent to INR 7430.000 millions (previous year INR 7076.000 millions) is secured by a third charge ranking pari - passu over all movable and immovable properties of the Company, both present and future. The said loans are backed by a letter of comfort from both Hindustan Petroleum Corporation Limited and Mittal Energy Investments Pte. Limited, the joint venture partners in the Company. Indian rupee loan from financial institution of INR 2587.000 millions (previous year INR 2922.000 millions) is secured by a first charge, ranking pari-passu amongst the lenders, over all immovable and movable properties and assets of the Company, both present and future, save and except current assets on which these lenders have a second charge. However, the lenders have a first pari passu charge on deposits and accounts under the Trust and Retention Account. SHORT TERM BORROWINGS Foreign currency working capital loan from banks is
secured by first charge, ranking pari-passu amongst the lenders, on all
current assets of the Company, save and except deposits and accounts under
the Trust and Retention Account, and have a second charge ranking pari-passu
on all movable and immovable fixed assets of the Company, both present and
future. |
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SBICAP Trustee Company Limited, 202, Maker Tower 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9180N |
|
|
|
|
Joint venture : |
Hindustan Petroleum Corporation Limited CIN No.: L23201MH1952GOI008858 Mittal Energy Investments Pte. Limited |
|
|
|
|
Subsidiary Company
: |
· HPCL-Mittal Pipelines Limited CIN No.: U60101PB2008PLC031563 HPCL-Mittal Services Limited CIN No.: U74990PB2008PLC031715 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
Management personnel and their relatives : |
Mittal Investments U.K. Limited |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,541,457,485 |
Equity Shares |
Rs.10/- each |
Rs. 75414.575 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,593,227,474 |
Equity Shares |
Rs.10/- each |
Rs. 65932.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
65932.000 |
49980.000 |
47080.000 |
|
(b) Reserves & Surplus |
(16515.000) |
(15648.000) |
859.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
8821.000 |
5311.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
58238.000 |
39643.000 |
47939.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
120588.000 |
102253.000 |
79507.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
6337.000 |
0.000 |
|
(c) Other long term liabilities |
409.000 |
33.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
120997.000 |
108623.000 |
79507.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
37582.000 |
43104.000 |
6655.000 |
|
(b) Trade payables |
45695.000 |
15057.000 |
3515.000 |
|
(c) Other current
liabilities |
26239.000 |
11416.000 |
6405.000 |
|
(d) Short-term provisions |
689.000 |
8987.000 |
31.000 |
|
Total Current Liabilities (4) |
110205.000 |
78564.000 |
16606.000 |
|
|
|
|
|
|
TOTAL |
289440.000 |
226830.000 |
144052.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
191090.000 |
146485.000 |
1819.000 |
|
(ii) Intangible Assets |
1457.000 |
91.000 |
83.000 |
|
(iii) Capital
work-in-progress |
373.000 |
8653.000 |
114360.000 |
|
(iv)
Intangible assets under development |
0.000 |
1311.000 |
0.000 |
|
(b) Non-current Investments |
12230.000 |
12230.000 |
12087.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
1.000 |
|
(d) Long-term Loan and Advances |
477.000 |
559.000 |
7377.000 |
|
(e) Other Non-current assets |
604.000 |
364.000 |
390.000 |
|
Total Non-Current Assets |
206231.000 |
169693.000 |
136117.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
61153.000 |
45695.000 |
0.000 |
|
(c) Trade receivables |
15048.000 |
65.000 |
0.000 |
|
(d) Cash and cash
equivalents |
5589.000 |
58.000 |
1259.000 |
|
(e) Short-term loans and
advances |
1212.000 |
11191.000 |
3757.000 |
|
(f) Other current assets |
207.000 |
128.000 |
2919.000 |
|
Total Current Assets |
83209.000 |
57137.000 |
7935.000 |
|
|
|
|
|
|
TOTAL |
289440.000 |
226830.000 |
144052.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
77026.000 |
76.000 |
2778.600 |
|
|
|
Other Income |
265.000 |
9.000 |
607.453 |
|
|
|
TOTAL (A) |
77291.000 |
85.000 |
3386.053 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
80104.000 |
3390.000 |
|
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(653.000) |
(2732.000) |
|
|
|
|
Employees benefits expense |
530.000 |
315.000 |
|
|
|
|
Other expenses |
4230.000 |
5314.000 |
|
|
|
|
Exceptional Items |
(5473.000) |
0.000 |
|
|
|
|
TOTAL (B) |
78738.000 |
6287.000 |
3532.769 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(1447.000) |
(6202.000) |
(146.716) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2823.000 |
3126.000 |
17.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(4270.000) |
(9328.000) |
(164.579) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2849.000 |
841.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(7119.000) |
(10169.000) |
(164.579) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(6337.000) |
6338.000 |
(1.332) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(782.000) |
(16507.000) |
(163.247) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. value |
13797.000 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods |
51.000 |
1463.000 |
8532.000 |
|
|
|
Components and Spare Parts |
665.000 |
96.000 |
0.000 |
|
|
|
Raw Materials |
205774.000 |
43750.000 |
0.000 |
|
|
|
Traded Goods |
0.000 |
0.000 |
2850.000 |
|
|
TOTAL IMPORTS |
206490.000 |
45309.000 |
11382.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.13) |
(3.45) |
(0.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.01) |
(19420.00) |
(4.82) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.24) |
(13380.26) |
(5.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.57) |
(4.97) |
(0.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
(0.26) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.72 |
3.67 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.73 |
0.48 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
47080.000 |
49980.000 |
65932.000 |
|
Reserves & Surplus |
859.000 |
(15648.000) |
(16515.000) |
|
Share Application money
pending allotment |
0.000 |
5311.000 |
8821.000 |
|
Net
worth |
47939.000 |
39643.000 |
58238.000 |
|
|
|
|
|
|
long-term borrowings |
79507.000 |
102253.000 |
120588.000 |
|
Short term borrowings |
6655.000 |
43104.000 |
37582.000 |
|
Total
borrowings |
86162.000 |
145357.000 |
158170.000 |
|
Debt/Equity
ratio |
1.797 |
3.667 |
2.716 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2778.600 |
76.000 |
77026.000 |
|
|
|
(97.265) |
1,01,250.000 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2778.600 |
76.000 |
77026.000 |
|
Profit |
(163.247) |
(16507.000) |
(782.000) |
|
|
(5.88%) |
(21719.74%) |
(1.02%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10503421 |
21/05/2014 |
5,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C06849988 |
|
2 |
10503418 |
21/05/2014 |
5,877,250,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C06852909 |
|
3 |
10503438 |
21/05/2014 |
16,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C06850226 |
|
4 |
10504631 |
11/03/2014 |
15,956,447,500.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C03611217 |
|
5 |
10419715 |
27/12/2013 * |
66,343,593,750.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B93605525 |
|
6 |
10399331 |
30/11/2012 * |
10,200,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B66720103 |
|
7 |
10362414 |
28/06/2012 |
57,090,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B42353763 |
|
8 |
10362413 |
26/06/2012 |
73,507,284,668.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B42353672 |
|
9 |
10353906 |
08/05/2012 |
15,851,863,681.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B39015953 |
|
10 |
10341309 |
19/05/2014 * |
136,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C05731237 |
|
11 |
10325327 |
21/12/2011 |
6,254,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, GROUND FLOOR, "E" WING, MAKER TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B28629616 |
|
12 |
10325341 |
16/12/2011 |
6,254,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, GROUND FLOOR, "E" WING, MAKER TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B28633766 |
|
13 |
10239171 |
18/03/2014 * |
17,100,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00336800 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
12020.000 |
0.000 |
|
Foreign currency term loans from banks |
15467.000 |
4815.000 |
|
Deferred sales tax loan (Interest free unsecured deferred sales tax loan is repayable in thirty half yearly installments starting from December 2026.) |
2911.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign currency term loans from banks |
6346.000 |
8405.000 |
|
Term loans from others |
800.000 |
0.000 |
|
Total |
37544.000 |
13220.000 |
|
NOTE LONG TERM
BORROWINGS Unsecured Indian rupee loan from banks of INR 9020.000 millions (previous year Nil) and INR 3000.000 millions (previous year Nil) is repayable in one bullet payment in April 2014 and February 2016 respectively and carries interest rate ranging from 10.20% p.a. to 10.95% p.a. SHORT TERM BORROWINGS Unsecured foreign currency loan from banks carry an
interest rate which is determined and fixed on the date of availing of the
loan and is presently between 0.6% p.a. to 3.6% p.a. These loans are
repayable within 179 to 360 days from the date of drawdown. |
||
CORPORATE
INFORMATION
The Company was incorporated in the year 2000 as a wholly owned subsidiary of Hindustan Petroleum Corporation Limited (HPCL), a Government Company under Section 617 of the Companies Act, 1956, for the purpose of setting up an oil refinery (the project) at Bathinda, Punjab. Subsequently the Company, pursuant to a joint venture agreement entered into between HPCL and Mittal Energy Investments Pte. Limited, Singapore (a wholly owned subsidiary of Mittal Investments S.a.r.l, Luxembourg) (Mittal Energy) and receipt of the requisite regulatory approvals, became a joint venture company with equal equity participation by HPCL and Mittal Energy. Further, the Company also has a participating interest of 20% (previous year 20%) in each of the following blocks awarded by the Government of India, which are in the nature of jointly controlled assets, and are operated by third parties. All the blocks are in the exploratory stage.
FINANCIAL PERFORMANCE
2012-13 will be remembered as a significant year since through a structured implementation of strategic initiatives over the last couple of years their major capex programme is now complete during the financial year 2012-13. Based on an analysis of operational parameters of the refinery units and independent technical expert advice, it was established that the integration of different units was completed on December 30, 2012, after which the plant was ready for production of commercially feasible quantities of finished goods although the crude-in was done in February 2012.
BUSINESS OPERATIONS
The Company had geared itself for the operational challenges thrown up during the year under review. The main thrust during the year was on consolidation of operations which were gradually ramped up and production of the petrochemical polypropylene commenced during the year. Total sales of all products for the year was aggregating to INR 77026.000 Millions compared to total sales of INR 76.000 Millions in the previous year.
Like any new refinery, Guru Gobind Singh Refinery (GGSR) also faced certain challenges in the initial period but good progress was made across all the key parameters and operations have been steadily stabilized.
The Company is expected to further improve and consolidate its operations in the ongoing financial year i.e. 2013-14 by increase in volumes, monitoring and controlling a better mix of its products and markets towards achieving a better bottom line and reducing cost. Further,in response to changes in the current and forecasted product demand patterns, the refinery’s processing capability will be efficiently adjusted to maximize production of value added products. This change will ensure that the refinery will be positioned at the upper end of the gross refinery margin range when complete year of full operations are achieved during the current financial year 2013-14.
The Company has paid attention to upgradation of talent and skills in the refinery staff and management as well as enhancing the management systems.
ACCOLADES AND AWARDS
During the year the Company was awarded with two prestigious SAP awards towards Best Run Implementation in two categories, namely HR (Joint Winner) and Sourcing and Procurement (Sole Winner). HMEL was also awarded the CIDC "Partners in Progress" award. The award was bestowed on HMEL for display of utmost commitment and drives to create a vibrant work environment for the construction fraternity especially for achieving targets of Mission Skilling India.
MANAGEMENT DISCUSSION
AND ANALYSIS
The year 2012-13 also proved to be a landmark year for the Company as the Guru Gobind Singh Refinery was dedicated to the nation by the Hon’ble Prime Minister on April 28, 2012. The year also marked a paradigm shift for the Company as the refinery strived for stable operations and the first batch of the value added petrochemical Polypropylene was produced and marketed.
OUTLOOK
The fall in industrial production in India has negatively impacted demand for petroleum products. In the backdrop of the geo-political developments like the unrest in Middle East coupled with unprecedented depreciation in the Indian rupee has raised challenges in terms of increased prices of crude and greater pay outs for foreign currency loans. The Company is formulating a long term strategy to tackle any economic hurdles and shall continue to strive for attaining greater heights of operational performance.
FIXED ASSETS
Tangible Assets
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
Leasehold
Improvements
Railway
Sidings
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.